Renovated 46-Unit Apartment
For Sale
$8,750,000
201 Park Ave, Albany, NY 12202
Business Opportunity, Albany, NY
Property Size65,000 SF
Lot Size1.96 Acres
Price / SF$134.62
Days on Market56
Property Features for 201 Park Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Capitol Hill
Directions
Park Ave Albany
Standard status
Active
Size
65,000 SF
Lot size
1.96 Acres
Taxes and HOA fees
Tax Annual Amount
104210
Building Details
Year built
1880
Listing Agency:
REALTY ONE GROUP KEY
(518) 630-0360
Listed By:
Leah Witko · License #10401256547
(518) 649-7505
Added: Jul 21
Changed: Sep 4
Last Checked: Sep 14 at 11:06AM
MLS# 11896413
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 46-unit apartment property occupies a 65,000-square-foot historic building originally constructed in 1880 as the Hinckel Brewery. A 2023 renovation introduced updated kitchens and bathrooms, stainless steel appliances, in-unit washers and dryers, new flooring, modern lighting, and contemporary interior finishes. The apartment mix includes one-, two-, and three-bedroom residences with varied layouts and retained architectural character.
The property is located at 201 Park Ave in Albany, New York, on a 1.96-acre site. Its redevelopment combines the scale of a multifamily asset with the distinctive identity of a former brewery building, while the completed improvements provide consistent modern features throughout the residential units.
The property is located at 201 Park Ave in Albany, New York, on a 1.96-acre site. Its redevelopment combines the scale of a multifamily asset with the distinctive identity of a former brewery building, while the completed improvements provide consistent modern features throughout the residential units.
Key Highlights
- 46‑unit apartment property in a historic building
- 65,000 square feet on a 1.96‑acre site
- Renovations completed in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$663,963
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,279,260
$13.3M
Cap Rate 7%
$9,485,186
$9.5M
Cap Rate 9%
$7,377,367
$7.4M
Market Conditions
NOI Build-Up for 65,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.29M $19.80/SF
− Vacancy
−$79.8K −$1.23/SF
EGI
$1.21M $18.57/SF
− OpEx
−$543.2K −$8.36/SF
NOI
$664.0K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,279,260
Cap Rate 7%
$9,485,186
Cap Rate 9%
$7,377,367
Alternative Uses
Best Use
Apartment 5plus
$9.49M
$8.30M – $11.07M
NOI $663,963 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.15M
$15.01M – $20.01M
NOI $1,200,420 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
46
Residential units
Location Intelligence
Trade Area within ½ mile
3,883
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic character meets updated kitchens, baths, appliances, and in-unit laundry across varied apartment layouts.
Where is this apartment building located?
The property is located at 201 Park Ave Albany, NY.
What is the asking price?
The asking price for this property is $8,750,000.
What are key features of this property?
This property features: 46‑unit apartment property in a historic building; 65,000 square feet on a 1.96‑acre site; Renovations completed in 2023
